张鸽.对赌协议本质探究及风险防范——于“不确定”中寻求“确定”[J].唐山学院学报,2018,31(4):88-96 |
对赌协议本质探究及风险防范——于“不确定”中寻求“确定” |
Nature Exploration and Risk Prevention of Valuation Adjustment Agreement: Seeking “Certainty” against “Uncertainty” |
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DOI:10.16160/j.cnki.tsxyxb.2018.04.015 |
中文关键词: 对赌协议 估值调整机制 附条件无名合同 风险防范 |
英文关键词: valuation adjustment agreement valuation adjustment mechanism conditional innominate contract risk prevention |
基金项目:国家哲学与社会科学基金规划项目(16CFX98) |
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中文摘要: |
估值调整机制在中国以对赌协议的形式存在,但是立法的相对滞后使其性质尚难准确界定。对赌协议的效力之争一直是其核心问题,分歧颇多。目前法律法规与司法建议等提倡适用商事审判理念,在不损害公司利益的情况下认可对赌协议的合法性,相关司法实践也印证了这一趋势。但是对赌协议的风险并不会因其合法而减少,市场的风险可以轻易置对赌双方于"双赢"或"双输"的境地。因此,将对赌协议尽量合规的同时,也应慎重考虑风险的合理规避。 |
英文摘要: |
In china, Valuation Adjustment Mechanism appears in the form of Valuation Adjustment Agreement, while relevant law and regulations couldn't meet the needs of the practice, which caused the difficulty in deciding the nature of Valuation Adjustment Agreement. Its validity has always been a core issue. At present, laws,regulations and judicial suggestions are inclined to ratify its validity by advocating commercial trial principle in cases where such principle will not damage the companies' interests. This tendency is also witnessed by judicial practice. However, there still exist risks of Valuation Adjustment Agreements. Market risks can easily place both parties in Valuation Adjustment Agreements into a double-win or double-lose situation. Therefore, it is as important to ensure its validity as to prevent risks prudently. |
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